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going up but when when and if the deficit goes up you know if we can really drive the deficit up then when the democrats come into power is inevitable it will we can start yelling and screaming about the deficit and force them to cut back on the on the social programs we can force them to shoot their own santa clause and that's exactly what they did reagan took that one trillion dollar deficit it was about eight hundred billion dollars when he came into office and took it up to about three trillion by the time he left and then george herbert walker bush after him took it up to about five and then of course bill clinton brought in balanced budgets because for eight years you had a democrat in office and so the republicans were all screaming about the debt in the deficit you know and and then george bush comes in and takes it you know up to ten trillion just massively explodes it and now again the republicans are out yelling time to shoot the democratic senate was there over the last thirty years i mean the vast majority of the. it's been republicans roughly ten trillion dollars of it h
going up but when when and if the deficit goes up you know if we can really drive the deficit up then when the democrats come into power is inevitable it will we can start yelling and screaming about the deficit and force them to cut back on the on the social programs we can force them to shoot their own santa clause and that's exactly what they did reagan took that one trillion dollar deficit it was about eight hundred billion dollars when he came into office and took it up to about three...
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deficit crisis. the lock of the ability to really get a serious recovery going as long as that much there are a lot of studies showing that the higher the debt a lot of those the low should really have a growing economy kenneth rogoff and carmen reinhart came out with that salary debt overhang to yeah so i mean just that so then what do you think are the lessons from seventeen seventy five you know we're winding see what was going on and fast forward to today what can we learn from from the politics of the time and the bold moves of the dime that they can inform the u.s. that is. facing such economic problems well. barack obama. was acquainted with some of the larger dimensions of the problem of how other countries like the british and the dutch previously had gotten in this kind of trap and he was well aware that he decided to take a somewhat happy talk if you won two thousand and nine. because the democratic politicians convinced them to get on the right track with democratic economics and will sol
deficit crisis. the lock of the ability to really get a serious recovery going as long as that much there are a lot of studies showing that the higher the debt a lot of those the low should really have a growing economy kenneth rogoff and carmen reinhart came out with that salary debt overhang to yeah so i mean just that so then what do you think are the lessons from seventeen seventy five you know we're winding see what was going on and fast forward to today what can we learn from from the...
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there was plenty of that throughout the interview but do these twenty four seven deficit debates do you want to undermine perceptions of america and the dollar's position in the international monetary system then they do to address the nation's growing debt we'll discuss uncle sam's exorbitant privilege despite the budget woes and assess the competitive currency landscape plus the dollar fell against other currencies to a six week low this morning according to reuters which cited concerns over a fiscal cliff deal but what does this so-called dollar index really gauge when it comes to the greenbacks true value will break it down and word of the day and paying people to track the comings and goings of private corporate jets and the big wigs on them amount to this. material nonpublic information which is the foreign desk the information that the average investor doesn't have the capability of an insider trading case pretty standard. there is a debate that will talk about it and let's change let's get to today's capital account. well the fiscal cliff debate seems to consume the domestic air
there was plenty of that throughout the interview but do these twenty four seven deficit debates do you want to undermine perceptions of america and the dollar's position in the international monetary system then they do to address the nation's growing debt we'll discuss uncle sam's exorbitant privilege despite the budget woes and assess the competitive currency landscape plus the dollar fell against other currencies to a six week low this morning according to reuters which cited concerns over...
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so he said it's fantasy that there is going to need to be economic pain in reducing long term deficit i agree with him on that i'm glad he's going to be out and i'm glad he's out saying things like this whether to become mr realism whether you become mr whalen you left office yeah he was no longer i don't know he did official . you know alan greenspan has gotten off the hook like there's one person that's walked away from the financial crisis happened like he got a little bit of flack but that's it you know he hasn't got and still of there are a lot of. you know you couldn't you didn't know what industry should be or whether they were too hard too low i'm just i think there's one guy that's gotten away with more like bush did a lot. a lot too right i know i think that this i think i mean i think it's unfortunate that the fiscal cliff has become such a den of coverage because i think major points are lost and it's interesting one i want to highlight that is worth noting so steve king our guest our frequent guest was actually on the hill yesterday for a congressional briefing with membe
so he said it's fantasy that there is going to need to be economic pain in reducing long term deficit i agree with him on that i'm glad he's going to be out and i'm glad he's out saying things like this whether to become mr realism whether you become mr whalen you left office yeah he was no longer i don't know he did official . you know alan greenspan has gotten off the hook like there's one person that's walked away from the financial crisis happened like he got a little bit of flack but...
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in other words don't shoot the democrat santa clause which we pay for by the way to reduce the deficit or bernie sanders another progress is understand is that democrats haven't been playing santa claus for the last eighty years just to win elections they don't play santa claus to save the nation and our economic system as we know it face of the great depression and communist revolutions around the world roosevelt had to enact the new deal just to save capitalism itself in america and the american people were willing to pay for it faced with a crisis of poverty the one nine hundred sixty s. and the hardships senior citizens were facing upon retirement l.b.j. enacted the great society and medicare because the people wanted gifts from santa claus but because people needed help and providing for the general welfare is according to our constitution one of the main purposes for which our government itself was created and despite what limbaugh o'reilly and other conseco a providing student loan relief is nicaea first it's a necessity now with outstanding student loan is topped a trillion dol
in other words don't shoot the democrat santa clause which we pay for by the way to reduce the deficit or bernie sanders another progress is understand is that democrats haven't been playing santa claus for the last eighty years just to win elections they don't play santa claus to save the nation and our economic system as we know it face of the great depression and communist revolutions around the world roosevelt had to enact the new deal just to save capitalism itself in america and the...
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volume since the dot com bubble burst low business investment low were record budget deficits from the government and high unemployment do we actually need a bubble not a case i would make but a very smart gentlemen is here to tell us why they can sometimes be good joining me from our new york studio is dr william janeway he's senior advisor for warburg pincus technology and author of the book doing capitalism in the innovation economy markets speculation and this dave thank you so much for being on the show very good to be here we're going to have you because you have said and i would definitely agree the bubbles have received bad press whether we're talking about the two live bubble in the sixteen hundreds or whether we're talking about the real estate bubble ahead of two thousand and eight but in some instances you say bubbles can be good why can bubbles be good and what kind of a bubble would we need or might we need now. well the first thing as you've said is that bubbles are boringly common where ever there is a active trading liquid market in an asset from tulip bulbs to real es
volume since the dot com bubble burst low business investment low were record budget deficits from the government and high unemployment do we actually need a bubble not a case i would make but a very smart gentlemen is here to tell us why they can sometimes be good joining me from our new york studio is dr william janeway he's senior advisor for warburg pincus technology and author of the book doing capitalism in the innovation economy markets speculation and this dave thank you so much for...
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well you've got to have a system that's flexible enough to make those chronic surpluses and deficits go away. for a century and more we thought that exchange rates and. domestic inflation and deflation was the way to adjust prices and make those some balances go away the modern view is that there is an argument to kim to daylight savings time you can adjust all the prices it wants through exchange rate it doesn't work perfectly all the time but again i think the historical record shows that it's a more effective way than. artificially peg government controlled exchange rates to deal with the imbalance problem ok so the problem is artificially controlled exchange rates what about artificially controlled interest rates because we see central banks having so much power and ability to manipulate interest rates and these are really the market signals these are the price signals and we've seen some unprecedented manipulation of them especially since the financial crisis so this i mean you could argue it moves us further away from a true capitalist system and more towards a centrally planne
well you've got to have a system that's flexible enough to make those chronic surpluses and deficits go away. for a century and more we thought that exchange rates and. domestic inflation and deflation was the way to adjust prices and make those some balances go away the modern view is that there is an argument to kim to daylight savings time you can adjust all the prices it wants through exchange rate it doesn't work perfectly all the time but again i think the historical record shows that...
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the new budget is forecast to run a deficit you should be only trying to either be from ninety seven to one hundred ten dollars per barrel but if the oil price goes to eighty dollars it will be a critical point for russia we might not get new loans and lose our investment rating so oil prices continue to determine our future. so dependency on oil and too much spending on military that's a long way short of that i also want to mention that in retaliation of the budget he's actually set up his own website it's called open budget and the whole point of it is so that the average russian can get past all the jog and all of the big wigs talk about and really see what the budget means for them where this money is being spent in terms of regions such money and relating to the masses because sometimes budgets go over people's heads right so it's a good website so yeah i actually i have tried it out in test mode though at the moment but at the same time i mean if you look at the basic keynesian principles of economics and hard times if you have surplus money spend it on something which will no
the new budget is forecast to run a deficit you should be only trying to either be from ninety seven to one hundred ten dollars per barrel but if the oil price goes to eighty dollars it will be a critical point for russia we might not get new loans and lose our investment rating so oil prices continue to determine our future. so dependency on oil and too much spending on military that's a long way short of that i also want to mention that in retaliation of the budget he's actually set up his...
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actually create goods with value as people like mike norman also gets a wrong you think print money deficit spending that gives people jobs what that will kind of you have and where you're creating well thank you for getting fired up in the last couple that i fired up there and i'm not going like really a molecular my jury my god out there are up against a cloud over and that is all we have time for thank you so much for watching be sure to come back on monday in the meantime you can follow me on twitter you can like our facebook page watch us on you tube or hulu and have yourself a great night. i'm sure to be soon rich bright. moon. from suns to the pressure. starts on t.v. don't. well see british science on its own time. global economy. the great russian laureates. prevailing over houses and asperity. to reenact an epic parade through paris. can they complete triumph. with people's admiration for two hundred. books. more news today violence is once again fled up the face these are the images the world has been seeing from the streets of canada. giant corporations are today. do we speak yo
actually create goods with value as people like mike norman also gets a wrong you think print money deficit spending that gives people jobs what that will kind of you have and where you're creating well thank you for getting fired up in the last couple that i fired up there and i'm not going like really a molecular my jury my god out there are up against a cloud over and that is all we have time for thank you so much for watching be sure to come back on monday in the meantime you can follow me...
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that shortages would come in since two thousand and nine it's become clear that those deficits going to be pushed back by several years not just because of the crisis you also need to consider the gazprom is pushing ahead with south stream which is also going to. bring in rival capacity set to lose out to south stream on the basis that it is far more the just could be logistically complex as. capital explains the lack of supply and the like uncertainty over what works what contrail will be the main source of that gas and also it requires money many more countries and transit transit countries so complex to political complexity is. dealing with deal with just one source of gas there's russian gas and one supplier which is gas from so in some way it's much more convenient to deal with one company. so does that actually mean that the champagne bottles will be popping for gas problem and south street i think it's extremely unlikely in fact i think they almost preferred it was going ahead or at least the sort of the the logical reasons for it to exist were still there in as much that it w
that shortages would come in since two thousand and nine it's become clear that those deficits going to be pushed back by several years not just because of the crisis you also need to consider the gazprom is pushing ahead with south stream which is also going to. bring in rival capacity set to lose out to south stream on the basis that it is far more the just could be logistically complex as. capital explains the lack of supply and the like uncertainty over what works what contrail will be the...
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and we needed a massive build up to counter the space alien threat and really inflation and budget deficit took secondary place to that. this slump would be over in eighteen months and then if we discovered. and there is a polar opposite viewpoint by a gentleman who actually did link to our interview with peter but let me just let me just say that where paul paul krugman is completely wrong doesn't get it is that he focused entirely on demand there's only thinks about so that's why he says space alien invasion that would cause everyone to start demanding x. y. z. and always he doesn't get that there is value creation and you have to actually create goods with value there are people like mike norman also gets a wrong you think print money deficit spending that gives people jobs what that will judge you have and what you're creating well thank you for getting fired up in the last couple that i fired up there in another life really i'm already only my jury my god out there i'm against a cloud over and that is all we have time for thank you so much for watching be sure to come back on monday i
and we needed a massive build up to counter the space alien threat and really inflation and budget deficit took secondary place to that. this slump would be over in eighteen months and then if we discovered. and there is a polar opposite viewpoint by a gentleman who actually did link to our interview with peter but let me just let me just say that where paul paul krugman is completely wrong doesn't get it is that he focused entirely on demand there's only thinks about so that's why he says...
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a deficit that was originally due to last five years is now due to last eight years and we now know that debts will be higher as a share of g.d.p. by the end of the parliament than it was at stopping that result of policies. by the kurdish government which. tightened policy to foster and that has resulted in lower growth and high authority he would claim of course this is a policy that was pursued by blair and brown and the previous labor government this is the legacy that they have left behind creating such a massive debt in the first place oh look of course it's true that there had to be some spending cuts they have to be done in balance measured way that doesn't. hurt the economy more than necessary and. the last thing that you should do in times of economic weakness is to comic spending at such a fast rate because when consumers aren't spending because that. column when business is the hoarding cash it's actually the government that has that has to spend to get growth going and if you don't have growth then you weren't reduce your definitely doing that george five billion pounds on b
a deficit that was originally due to last five years is now due to last eight years and we now know that debts will be higher as a share of g.d.p. by the end of the parliament than it was at stopping that result of policies. by the kurdish government which. tightened policy to foster and that has resulted in lower growth and high authority he would claim of course this is a policy that was pursued by blair and brown and the previous labor government this is the legacy that they have left behind...
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actually pretty good with value as people like mike norman also gets it wrong he thinks print money deficit spending that gives people jobs what the judge you have and what you're creating most thank you for getting fired up in the last couple that's right here in america like you we're more ulema dimitri my god i know we're up against a cloud or and that is all we have time for thank you so much for watching be sure to come back on monday in the meantime you can follow me on twitter you can like our facebook page watch us on you tube or hulu and have yourself a great night. while . kelly. offers an air show and an issue. was a matter you. left the residents never profit from the performances you'll see of coming our signature trip there when you look up and there's one check in on you he's the alpha beta gamma he's with all the the fund now trying to treat each leg out with out there know what's going on so they can pinpoint. the dirt right now. shells become income mortal danger and a piece of art still stick them in base jacket in making some temporary. bombs and. on our team. parents ve
actually pretty good with value as people like mike norman also gets it wrong he thinks print money deficit spending that gives people jobs what the judge you have and what you're creating most thank you for getting fired up in the last couple that's right here in america like you we're more ulema dimitri my god i know we're up against a cloud or and that is all we have time for thank you so much for watching be sure to come back on monday in the meantime you can follow me on twitter you can...
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he has he has not met his targets he is not going to deal with the deficit as he said the road growth we grow and also there's going to be a huge cart made in benefits pavement to some of the poorest people in the conclave are going to suffer the most i was resolved to go. and there's no end to this will start now i want to talk to you about that because we saw that just one percent for the benefit of the welfare bill and that's less than inflation you know that's really going to hit a huge. number of books forty seven billion pounds. and we're talking about farmers is a really on the bread line anyway even losing ten twenty pounds is a big hit i mean it's a very cold outside and it's a very cold prospect for britain's poor because they are going to bear the brunt of the start of course by christmas by also doesn't know what he's doing thank you very much for joining us also say there's a lot of course the concern as he said them on picking through the thing is one thing cutting through all the waste and that's the case is going to have to pray so even talk. even more. well that with
he has he has not met his targets he is not going to deal with the deficit as he said the road growth we grow and also there's going to be a huge cart made in benefits pavement to some of the poorest people in the conclave are going to suffer the most i was resolved to go. and there's no end to this will start now i want to talk to you about that because we saw that just one percent for the benefit of the welfare bill and that's less than inflation you know that's really going to hit a huge....
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altered the landscape quite radically before two thousand and eight it was presumed there would be a deficit of gas the demand would go up and the there would be shortages since two thousand and nine it's been clear that if that deficit is going to come it's being pushed back by several years you also need to consider that. faces a rival in south stream which is gas problems plan to bring gas from russia through to the southern corridor now this is actually progressed much further it's a much more sort of viable project. from in a sense capital explains why the book has been beset by problems. lack of supply and the like uncertainty over what i want to contrail will be the main source of that gas and also it requires money many more countries and transit trans. countries so complex to political complexity is in dealing with me and deal with just one source of gas that is russian gas and one supplier which is gas from seoul in some way it's much more convenient to deal with one company. so now because there's a victory for south stream and gas from them well i don't think they'll be popping t
altered the landscape quite radically before two thousand and eight it was presumed there would be a deficit of gas the demand would go up and the there would be shortages since two thousand and nine it's been clear that if that deficit is going to come it's being pushed back by several years you also need to consider that. faces a rival in south stream which is gas problems plan to bring gas from russia through to the southern corridor now this is actually progressed much further it's a much...
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for the next three years has been signed by president vladimir putin today now it's set the budget deficit a point eight percent of the g.d.p. for the next year this budget has been drawn up by finance minister told sulu on earth and with due regard for new rules for the use of oil and gas money which in the past has been used as a safety net by the former finance minister execution to see russia fruita bad times let's cross over to work a bill being there for an explanation of how this all works out hey there katie so basically how does the budget local know whether to major i've just been running through the numbers that is a deficit budget as you say we're looking at five hundred twenty billion dollars they're looking like they're going to be borrowing and saving a bit of a compromise going on at the moment in terms of boring we're looking at seven billion dollars on the four involved it's next year. there is going to be money put away as well because the extra cash that is made above the ten year average price will go into fund now once that reserve fund reaches seven percent of g.d.p.
for the next three years has been signed by president vladimir putin today now it's set the budget deficit a point eight percent of the g.d.p. for the next year this budget has been drawn up by finance minister told sulu on earth and with due regard for new rules for the use of oil and gas money which in the past has been used as a safety net by the former finance minister execution to see russia fruita bad times let's cross over to work a bill being there for an explanation of how this all...
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he has failed he has not met his targets he's not going to deal with the deficit he said the road growth will grow. and also there's going to be a huge car made in benefits pavement to some of the poorest people in the country are going to suffer. as a result of this and there's no end to this all started from now on it's. just one percent for the benefit of the world and that's less than inflation you know that's really going to hit a huge number of. forty seven billion pounds from the benefits we're talking about farmers are really on the bread line anyway even losing twenty pounds a week is a big hit i mean it's a very cold day outside and it's a very cold prospects for britain's poor because they are going to the brunt of the austerity caused by britons by because of all school doesn't know what he's doing thank you very much for joining us also say there is a lot of cause for concern as he said there were impatience in the thing is one thing cutting through all those statistics and that's the way it is going to be said to have to brace itself they even took us in the future even mor
he has failed he has not met his targets he's not going to deal with the deficit he said the road growth will grow. and also there's going to be a huge car made in benefits pavement to some of the poorest people in the country are going to suffer. as a result of this and there's no end to this all started from now on it's. just one percent for the benefit of the world and that's less than inflation you know that's really going to hit a huge number of. forty seven billion pounds from the...
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commissioned by the european union revealed earlier this year that there's a fifty nine billion euro deficit in the spanish banking sector any of the details of this developing story as we get it. other world news now south korea says it's looking to reroute all passenger planes over the yellow sea is to avoid any possible conclusion with daybreak from a long range missile that north korea is planning to launch later this month meanwhile japan is deploying missile interceptors saying they're prepared to down the rocket if it poses a threat insists the rocket will take a satellite into orbit but the u.s. south korea and japan claim it's carrying out intercontinental ballistic missile tests. two officers have died in two more injured in northwest pakistan but an explosion hit a police van the vehicle was patrolling the outskirts of the city of peshawar however it's unclear how the bomb was detonated in cities located in pakistan's volatile tribal region is often targeted by taliban militants. but coming up next an exploration on the dangers of living on the outskirts of the u.s. marine bombing
commissioned by the european union revealed earlier this year that there's a fifty nine billion euro deficit in the spanish banking sector any of the details of this developing story as we get it. other world news now south korea says it's looking to reroute all passenger planes over the yellow sea is to avoid any possible conclusion with daybreak from a long range missile that north korea is planning to launch later this month meanwhile japan is deploying missile interceptors saying they're...
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i mean i'm in new york at the moment and everyone's worried here about the fiscal deficit the dog is barking in europe because of the euro crisis but japan when the dog starts barking that he won't be barking he'll be howling the japan has got sovereign debt equivalent to two hundred thirty five percent of its g.d.p. and it's growing. japan has lost two decades if you just look at its consumer electronics a sony has lost ninety three percent of its value since the year two thousand showing up issued a statement a few weeks ago saying it's not sure it will survive and had to get four point five billion dollars of money from two of its banks which will last through only two hannah sonic you've just lost ten billion dollars all three companies the debt is not considered junk rated as jones so you're very bearish broadly on japan it's interesting because maybe not from the corporate side but in terms of the government side many economists come on this show and say the u.s. is becoming japan in terms of lost decades in terms of its debt let me just play a clip and i'll come back to you. i
i mean i'm in new york at the moment and everyone's worried here about the fiscal deficit the dog is barking in europe because of the euro crisis but japan when the dog starts barking that he won't be barking he'll be howling the japan has got sovereign debt equivalent to two hundred thirty five percent of its g.d.p. and it's growing. japan has lost two decades if you just look at its consumer electronics a sony has lost ninety three percent of its value since the year two thousand showing up...
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even a fraction of a tax on those transactions tom you would have more than enough to wipe out this deficit and it's not unheard of look in the u.k. they've been doing this for three hundred years so what we're doing is we're missing who's responsible everybody has is looking in the wrong direction we're focusing on medicare we're focused on social security why does it have somebody have the courage to say look why the hell are we here to begin with we're here because we're we're because of a greed frenzy that took place on wall street they're responsible let's let them help us pay it back tim geithner is opposed that larry summers is opposed that even when obama said you know maybe we should consider this his advisor said no that would be a bad idea but it is a way to solve this problem without having any problem to the average american and to the point in a brilliant point it is by the way the american way to solve this problem we had abraham lincoln put a securities tax in place. the civil war. mckinley put in place for the spanish-american war and it stood in place until the one nine hu
even a fraction of a tax on those transactions tom you would have more than enough to wipe out this deficit and it's not unheard of look in the u.k. they've been doing this for three hundred years so what we're doing is we're missing who's responsible everybody has is looking in the wrong direction we're focusing on medicare we're focused on social security why does it have somebody have the courage to say look why the hell are we here to begin with we're here because we're we're because of a...
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prophecy every target of themselves he has failed he has not met his targets he's not going to do with the deficit as he said the road growth. growth and also there's going to be a huge cart made in benefits pavement to some of the poorest people in the country are going to suffer the most i was resolved to go to and there's no end to this will start to get some and i want to talk to you about that because we saw that just one percent for the benefit of the welfare bill and that's less than inflation you know that's really going to hit a huge. number of book forty seven billion pounds so it will be cut from the benefits bill and we're talking about farmers is a really on the bread line anyway even losing ten twenty pounds a week is a big hit i mean it's a very cold side and it's very cold prospects for britain's poor because they are going to bear the brunt of the sturdy caused by britain's bikers and also doesn't know what he's do when you listen to the rhetoric that when he was speaking about the welfare bill you obviously you know it is quite strong language he's talking about fairness but then
prophecy every target of themselves he has failed he has not met his targets he's not going to do with the deficit as he said the road growth. growth and also there's going to be a huge cart made in benefits pavement to some of the poorest people in the country are going to suffer the most i was resolved to go to and there's no end to this will start to get some and i want to talk to you about that because we saw that just one percent for the benefit of the welfare bill and that's less than...
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you want to talk about the deficit roger robert. marc. savard . the people on the. you know the banker been already well i absolutely agree with you robert and very much appreciate you raising the topic i had senator sanders on the radio show last week and he's and he's saying you know the banks just crashed the economy why not have the banks pay for it and there's a number of number of people saying this it's you know pretty pretty obvious the banks has crashed the economy if we simply put eight point two five percent or even a point one percent tax on every stock transactions called a security security transaction excise tax stepped excess t.t. is what they used to be called abraham lincoln put it on track stock trades to help pay for the for the civil war then then it went away through the through the gilded age and then in one thousand nine hundred eight one thousand nine hundred eight the mckinley administration put it back into place to pay for the spanish-american war it stayed there until the one nine hundred thirty s. f.d.r. took that step tax and doubled i
you want to talk about the deficit roger robert. marc. savard . the people on the. you know the banker been already well i absolutely agree with you robert and very much appreciate you raising the topic i had senator sanders on the radio show last week and he's and he's saying you know the banks just crashed the economy why not have the banks pay for it and there's a number of number of people saying this it's you know pretty pretty obvious the banks has crashed the economy if we simply put...
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welcome mood here in russia to this controversial piece of legislation you see things i'm all for about a deficit from moscow all teased you see coming. when i'll be back with more international news with the news team in just a few moments stay with us this is altie in moscow. i never thought i could earn a living this way. the issue of oil is the norm or should test small arms so those photos to machine building cool and not obvious lost count of all the weapons she's fired over the past twelve years. i got so used to it sometimes my friends ask me to join them at the rifle range and i say no wait i'm so tired of shooting. the planet's history goes from making firearms doing world war two to ballistic missiles from nuclear submarines during the cold war the bulk of the soviet industry was moved here in the 1940's to flee the advancing germans so if you were also became the heart of soviet military production closed off before this fall hoffa's century it's thrived on the message of the soviet military when the u.s.s.r. collapsed but life here was shaken to the core but some adapted to better th
welcome mood here in russia to this controversial piece of legislation you see things i'm all for about a deficit from moscow all teased you see coming. when i'll be back with more international news with the news team in just a few moments stay with us this is altie in moscow. i never thought i could earn a living this way. the issue of oil is the norm or should test small arms so those photos to machine building cool and not obvious lost count of all the weapons she's fired over the past...
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government's budget deficit problems and does it i mean is really such a small part of the iceberg. of economic crisis that this country has been dealing with for the past four years and lo and behold when you talk to people that have been in the game for a while like the former republican strategist has been that we spoke to they say no it's very minimally addressing the problems of the u.s. and to put that in even broader scope our guest kevin phillips his recent book is about seven hundred seventy five so he just finished a book on the american revolution many more economic factors playing a role there than what we maybe are taught in grade school here in the u.s. so we looked at what the lessons are today looking at the. current economic problems and monetary problems and got his perspective a perspective he says that politicians are not likely to have he says they don't read history books but you know what we are giving them a clip notes just in case they happen to be watching and will give all of our viewers the cliff notes as well to in a couple of minutes right that is all c
government's budget deficit problems and does it i mean is really such a small part of the iceberg. of economic crisis that this country has been dealing with for the past four years and lo and behold when you talk to people that have been in the game for a while like the former republican strategist has been that we spoke to they say no it's very minimally addressing the problems of the u.s. and to put that in even broader scope our guest kevin phillips his recent book is about seven hundred...
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would gold be more desirable to them as a currency versus countries like the us that run enormous trade deficits wouldn't they really benefit from staying on currency and to eternity and really not ever want to move away from it. look if you could trust and currency there wouldn't be a problem with it but we can't trust in the our currency and we can see day to day practically why we can't trust in the our currency and the the fed will probably give us yet another reason not to trust and the currency at their next meeting the fact is the currency is a moving target it is worth exactly what the issuer wants it to be worth no more no less they control it but if the rest of the world does not like the way it's being controlled if they don't trust the way it's being controlled well they prefer to use something else that cannot be arbitrarily devalue they cannot be arbitrarily manipulated that cannot be defaulted on you can't a fault on gold it is what it is it was created by whatever god mother nature call it whatever you want and so there's a reason why the world ended up on the gold standard not j
would gold be more desirable to them as a currency versus countries like the us that run enormous trade deficits wouldn't they really benefit from staying on currency and to eternity and really not ever want to move away from it. look if you could trust and currency there wouldn't be a problem with it but we can't trust in the our currency and we can see day to day practically why we can't trust in the our currency and the the fed will probably give us yet another reason not to trust and the...